Data as of Nov 4, 2026.
CPST vs SEPU: Cap, Buffer & Days Left
As of Nov 4, 2026 SEPU can fall 0.6% before its buffer engages and CPST 0.6%.
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Net assets: $41m on Nov 4, 2026 for Calamos S&P 500 Structured Alt Protection ETF - September, and $164m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 Uncapped ETF - Sep.
CPST: reference +0.7% since period start, fund +0.5%; buffer Floor; cap +8.1%; Full floor. Data to Nov 4, 2026.
Data to Nov 4, 2026.SEPU: reference 0.0% since period start, fund −0.2%; buffer 0 to −15; no cap; Buffer working. Data to Nov 4, 2026.
SEPU: reference 0.0% since period start, fund −0.2%; buffer 0 to −15; no cap; Buffer working. Data to Nov 4, 2026.Pair scorecard
CPST costs 0.05 points a year less; their one-year returns differ by 4.7 points; SEPU is 4.0 times larger.
Points (pts) are percentage points.
| Measure | CPST | SEPU |
|---|---|---|
| Return | ||
| Total return, 1 year | +5.2% | +9.9% |
| Drawdown | ||
| Index fall to the buffer | 0.7% | 0.0% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.74% |
| Net assets, as of Nov 3, 2026 | $41m | $164m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | CPST | SEPU | CPST | SEPU |
| 3 months | +0.8% | −0.9% | +1.2 pts | −0.6 pts |
| 6 months | +2.3% | +3.3% | −2.1 pts | −1.2 pts |
| 1 year | +5.2% | +9.9% | −8.4 pts | −3.7 pts |
| Since launchCPST Sep 2024 · SEPU Sep 2024 | +14.1% | +28.5% | −24.8 pts | −10.4 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. CPST is a floor fund, which caps how far a holder can fall. SEPU is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
Where each one stands today
CPST resets first, on Aug 31, 2027, 300 days from now; SEPU runs to Aug 31, 2027, 300 days. A fall from here reaches CPST’s buffer after 0.6% and SEPU’s after 0.6%. Both track SPY, so what separates them is where each is in its own period.
CPST
The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 300 days remained on Nov 4, 2026. On Aug 31, 2027 the period ends and a new cap is set.
SEPU
This fund has no cap. It takes a share of any further rise in SPY. In index terms, SPY can fall 0.0% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. On Aug 31, 2027 the period ends and new terms are set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, CPST against SEPU, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/cpst-vs-sepu
ETFIQ. (Nov 4, 2026). CPST against SEPU. Retrieved from https://etfiq.com/compare/buffer/cpst-vs-sepu
[CPST against SEPU (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/cpst-vs-sepu)
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